CLOUD ACCOUNTING

MYOB has added a breakthrough feature with MYOB Advisor, an algorithm-driven feature that automatically adds explanations and suggestions to financial reports. Included in MYOB AccountRight Live and MYOB Essentials, MYOB Adviser generates a 15-page, monthly management report in seconds. It includes sections on sales, revenue (year-to-date and cumulative), top customers by revenue, cashflow summary and […]

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What a way to start the week – a 9am press release announcing Rod Drury was relinquishing the role of CEO at Xero, seemingly out of the blue. First, you have to pay credit where it’s due. Drury and co-founder Hamish Edwards were the first to reimagine accounting software in its current form. Automating compliance […]

Who is the most organised person in an office? It’s probably going to be the auditor in the corner. Meryl Johnson decided auditing wasn’t for her and set up a bookkeeping business, Bean Ninjas, instead. She brought her auditor’s mindset and set up processes for everything – not just for productivity and efficiency but to […]

Why can two similar companies in the same industry sell for wildly different amounts? Carlo Minassian studied recent sales in technology industry and discovered the secret to securing a much higher valuation. When it came time to sell his security services company Minassian sold it for seven times revenue, not two to three times […]

Businesses using cloud accounting software have quickly come to accept that the banks and software companies hold their transactional data. While you can download transactions from your software no-one really does because you can’t do anything useful with them. Now one of the bank feed aggregators in Australia has teamed up with a company that […]

Inbal Steinberg was fed up with the constant marketing talk about artificial intelligence at accounting software expos so she decided to find out the truth. A software consultant who specialises in inventory for Xero and QuickBooks Online and NetSuite, Steinberg had a good enough grasp of programming and maths to enroll in a course on […]

Lance Rubin, a chartered accountant who spent 20 years in financial services, opened a financial modelling consultancy two years ago under the name Model Citizn. After contracting as a financial modeller for the past two years he is now a part-time CFO for Banjo Loans and Sequel CFO. Rubin says more powerful financial modelling techniques […]

Australia is an odd place for practice software. It is one of – if not the only – market where a suite of software from a vendor is the accepted norm. Around the world it is typical to have a best-of-breed set-up. This trend started in the 1980s with Hartley Systems morphing into vendors such […]

2017 was a big year for cloud integrators. In previous years the term “cloud integrator” wasn’t well known. But last year accountants started to actively seek out cloud integrators. Either they had tried helping clients implement solutions themselves – and it was much harder than expected – or they had decided to just focus on […]

It was just another week in March when the bookkeeper sat down to pay suppliers for the Sydney-based company. However, as the bookkeeper entered payment details for $50,000 worth of invoices, a hacker was lying in wait. The hacker had changed numbers on the invoices and every invoice was paid to dummy accounts. Luckily for […]

In what for some was as a surprise and others an inevitability, in November 2017 MYOB made a pitch to buy Reckon’s practice software division. MYOB’s bold move is to purchase the division comprising of Elite, aimed at smaller firms, and the so-called jewel in Reckon’s crown, APS, which runs many larger firms. (NB: The […]